Ulisse Capital

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Ulisse Capital heralds the arrival of the long-awaited second generation of constant proportion debt obligations (CPDOs). Arranged by Lehman Brothers for Pioneer Investment Management, a subsidiary of Unicredito's asset management business, it is the first CPDO not to rely on an algorithm set at launch to decide investment strategy.

"As far as Lehman Brothers is aware, this is the first managed CPDO to be rated and closed. We are aware of similar structures being worked on," says Francesco Cu

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